Philippine car sales up 33.8 percent in January

The Philippine automotive industry is gearing up for better sales in 2010 after a strong performance in January, the Chamber of Automotive Manufacturers in the Philippines, Inc. (CAMPI) said.

CAMPI data showed the industry sold 11,763 units last month, 33.8 percent higher than sales made in January 2009. Last month's sales figures, however, were 13.5 percent lower than that recorded in December 2009.

"A high January sales volume augurs well for the year. It is a good start for stronger sales in 2010," said CAMPI president Elizabeth H. Lee.

January sales of commercial vehicles, which include vans, sport-utility vehicles and pickup trucks, grew 46 percent; while passenger car sales swelled 14.3 percent versus the same month last year.

"To a certain extent, strong vehicle sales are reflective of a stronger economic environment," Lee said. "With the robust growth of commercial vehicle sales, particularly Asian utility vehicles and light commercial vehicles which are mostly for family and business use, Filipinos are now showing more aggressiveness either in starting a business or expanding their current business."

As much as 61.6 percent of the purchases in January were commercial vehicles, while 38.4 percent were passenger cars.

CAMPI is hopeful the growth trend to continue for the rest of the year.

"We are looking forward to a much stronger growth for this year with increased spending as a result of bullish overseas Filipino workers' remittances projected as high as eight percent or exceeding $18 billion; increased appetite for investment and business expansion; continued liquidity in the market; ease in taking out loans and availability of loans serving buyers' needs; not to mention this being an election year as well," Lee added.

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Toyota Motor Philippines continued to lead the pack with 3,971 units sold representing a 21 percent sales volume growth. It was followed by Mitsubishi Motors Philippines' sales of 2,411 units, up 56.5 percent; and Honda Cars Philippines' 1,399 units, up 12 percent.